House Speaker John Boehner told CNBC that he would move legislation to extend the current tax rates for another year.

The so-called Bush tax cuts were extended once already but are due to expire at the end of the year.

Said Boehner: “The reason this isn’t permanent is that — and only for a year — is that we really do want to fix our tax code, both the corporate code and the personal code, bring down tax rates, get rid of all the excess deductions and credits and all the carve-outs and nonsense that we have in the code today.”